Additionally, it might be worthwhile to check with your local housing authority or building department for specific regulations and standards for rental properties in your area.

The house is ~2400 sq/ft on the first and second floor, with an unfinished basement running the full distance of the house, so about an additional 1200 sq/ft of unfished space.

If you are looking to gain experience and build your own portfolio, having full control is important and will cultivate the most experience.

Additionally, a lot of tenants are utilizing free legal assistance to delay the process. 

What will be required from the seller party is:- Detailed scope of work of any/all additions, improvements, alterations, repairs, etc.

What is the main purpose, risk and gains?

Can I charge a holding fee until they move-in, in addition to the security deposit?

Some work to be done from the looks we see anywhere from 50k-60k in additional costs.

@Jorge Liang in addition to stating tenant is responsible for utilities, our lease states that if they tenant does NOT transfer them to their name, we may legally do so.If you have the tenant's DL and SSN, you still might be able to do this, but check with an attorney.

Additionally, I will be trying to deduct everything that I can as business expenses.